Took out a loan to transition to full-time trading. 24 years old.

As before, there are problems with your approach.

wabu27 said:
I was up more than $300 in beginning. Trading okay. Than lost all of it. Failed to see loss of strength. Stubborn. LOL. 1 day of live trading and I'm done already because the minimum needed to trade 1 crude oil futures increased from $2900 to $3280 and I ended up at like $3180. GG. Will be back in february.
More...

Dunno' what you are thinking, but if you don't have enough money in your account to initiate a position with one lot in CL after suffering a 30 tick drawdown, you should not be trying to trade it. Futures will eat you up and spit you out.

I'm going to get rich trading stocks or die trying.
More...

So which is it? Stocks, or commodity futures? You first need to figure out what it is you really want to do. They are totally separate beasts, in case you did not know.
 
wabu27 said:
I was up more than $300 in beginning. Trading okay. Than lost all of it. Failed to see loss of strength. Stubborn. LOL. 1 day of live trading and I'm done already because the minimum needed to trade 1 crude oil futures increased from $2900 to $3280 and I ended up at like $3180. GG. Will be back in february.
More...

I looked a few of your streamed videos. Sorry, but it seems you are often using up most if not all your available margin value of your account leaving very little room for error. Also at this scale (1min chart?) and used leverage it's entirely too risky to leave positions unattended and not using a stop strategy- according to other comments. Maybe you should adjust your scale and use just 1 contract and have a hard stop at 10-15% of your account. And maybe consider a different discount broker that offers margin of 1 CL contract at closer to $1k.
 
wabu27 said:
I was up more than $300 in beginning. Trading okay. Than lost all of it. Failed to see loss of strength. Stubborn. LOL. 1 day of live trading and I'm done already because the minimum needed to trade 1 crude oil futures increased from $2900 to $3280 and I ended up at like $3180. GG. Will be back in february.
More...
What about the QM? Margin is half as well as P/L. You could trade that until you get a comfortable cushion. Good luck!
 
These type threads are as amazing as they are depressing.
24 years old. All the time in the world. That's the edge, but they are too naive to see it.

Put $11,000 in an index fund. Find a job you love and add to it every month, no matter what the market is doing. In a few years you have some real money. All the while you have been studying the market and learning. Now step it up and pick some stocks. Now maybe you are beating the indexes every few years or at least not riding losers down. That money starts to compound at a parabolic rate (9% on $11k vs 9% on $300k etc...).

Oh well. Youth is wasted on the young.
 
Arnie said:
These type threads are as amazing as they are depressing.
24 years old. All the time in the world. That's the edge, but they are too naive to see it.

Put $11,000 in an index fund. Find a job you love and add to it every month, no matter what the market is doing. In a few years you have some real money. All the while you have been studying the market and learning. Now step it up and pick some stocks. Now maybe you are beating the indexes every few years or at least not riding losers down. That money starts to compound at a parabolic rate (9% on $11k vs 9% on $300k etc...).

Oh well. Youth is wasted on the young.
More...

And in the meantime he could grow a career that brings him meaning and wealth.
 
usrx201 said:
And maybe consider a different discount broker that offers margin of 1 CL contract at closer to $1k.
More...
Do you know any discount brokers that offers this? Margin for 1 CL contract used to be just under $2,000. Oil has been volatile last couple months but current margin of ~$3,600/1 CL contract is ridiculous

johnnyrock said:
What about the QM? Margin is half as well as P/L. You could trade that until you get a comfortable cushion. Good luck!
More...
What is QM? Can I trade it like 1 CL contract? Is it based on crude oil?
 
I was able to save enough money to trade again last week. It made my capital just over the minimum requirement so I didnt stream (because it might end in a day again) but did record for personal review. Thankfully, things have been going good so far.
1/24 +216
1/25 +190
1/28 +292

Thinking of not doing live streaming and just uploaded the recorded videos afterwards. Live streaming makes my computer slow.
 
wabu27 said:
Do you know any discount brokers that offers this? Margin for 1 CL contract used to be just under $2,000. Oil has been volatile last couple months but current margin of ~$3,600/1 CL contract is ridiculous
More...

Who are you using as a broker?
According to the their website, the current day trade margin for CL at AMP is 1000$
 
You must log in or register to reply here.
Back
Top